Analisis Pengaruh Keputusan Investasi, Keputusan Pendanaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia
LAMPIRAN
86
Universitas Sumatera Utara
Lampiran 1
Daftar Populasi, Kriteria dan Sampel
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KODE
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AMFG
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SAMPEL
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Universitas Sumatera Utara
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AKKU
AKPI
APLI
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NO
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CNTX
ERTX
ESTI
HDTX
INDR
KARW
MYTX
PBRX
POLY
RICY
SRIL
SSTM
TRIS
UNIT
UNTX
BIMA
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VOKS
PTSN
ADES
AISA
CEKA
DAVO
DLTA
ICBP
INDF
MLBI
MYOR
PSDN
ROTI
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STTP
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ULTJ
Centex Tbk
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Universitas Sumatera Utara
NO
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GGRM
HMSP
RMBA
WIIM
DVLA
INAF
KAEF
KLBF
MERK
PYFA
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SQBB
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Mandom Indonesia Tbk
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Kedawung Setia Industrial Tbk
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Langgeng Makmur Industry Tbk
KRITERIA
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Universitas Sumatera Utara
Lampiran 2
Daftar Sampel Penelitian
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Kode Perusahaan
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
Nama Perusahaan
Indocement Tunggal Prakasa Tbk
Holcim Indonesia Tbk
Semen Gresik Tbk
Surya Toto Indonesia Tbk
Trias Sentosa Tbk
Charoen Pokphand Indonesia Tbk
Astra International Tbk
Astra Auto Part Tbk
Indofood CBP Sukses Makmur Tbk
Indofood Sukses Makmur Tbk
Nippon Indosari Corporindo Tbk
Gudang Garam Tbk
Kalbe Farma Tbk
Merck Indonesia Tbk
Mandom Indonesia Tbk
Unilever Indonesia Tbk
91
Universitas Sumatera Utara
Lampiran 3
Data Variabel Penelitian Tahun 2010
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,1559
0,4366
0,2017
0,0798
0,023
0,2185
0,269
0,2027
0,3069
0,1393
0,6378
0,1289
0,0848
0,0018
0,0529
0,1625
Variabel
DER
DPR
0,1714
0,2568
0,5293
0,213
0,2905
0,5
0,73
0,3251
0,637
0,2041
0,4567
0,2948
0,923
0,451
0,384
0,7968
0,4272
0,3372
0,8997
0,3941
0,2477
0,2324
0,4419
0,4084
0,2184
0,2577
0,1976
1,5149
0,0943
0,5161
1,1491
0,8986
PBV
4,89
2,53
4,62
3,06
0,61
6,77
3,76
3,57
2,91
2,55
5,89
3,44
6,14
5,95
1,48
31,12
Lampiran 4
Data Variabel Penelitian Tahun 2011
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,1828
0,0492
0,2634
0,2272
0,0574
0,3541
0,3603
0,2468
0,1393
0,1335
0,3359
0,2715
0,1766
-0,0256
0,0799
0,2047
Variabel
DER
DPR
0,1536
0,2999
0,4548
0,3309
0,3453
0,5
0,7613
0,4542
0,6027
0,2885
0,4296
0,2924
1,0243
0,4507
0,4746
0,4023
0,4349
0,4989
0,6952
0,4993
0,3892
0,2489
0,5921
0,3931
0,2699
0,6509
0,1823
0,8014
0,1082
0,5316
1,8477
1,0006
PBV
4,26
2,21
4,65
3,26
0,83
5,7
3,95
2,78
2,83
1,28
6,16
4,86
5,3
6,02
1,52
38,96
92
Universitas Sumatera Utara
Lampiran 5
Data Variabel Penelitian Tahun 2012
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,2536
0,1112
0,3518
0,1367
0,0261
0,3956
0,1873
0,2753
0,1662
0,1071
0,5872
0,0619
0,1382
0,3441
0,1155
0,1434
Variabel
DER
DPR
0,1718
0,348
0,4455
0,454
0,4632
0,45
0,6953
0,4199
0,6173
0,9091
0,5103
0,281
1,0295
0,4503
0,6192
0,2953
0,4869
0,4973
0,7375
0,4981
0,8076
0,2502
0,5602
0,3835
0,2776
0,6677
0,3664
0,7418
0,1502
0,4981
2,0201
0,9996
PBV
3,2
2,64
5,18
3,67
0,72
7,32
3,43
2,61
3,79
1,5
10,48
4,07
7,3
8,17
2,02
40,09
Lampiran 6
Data Variabel Penelitian Tahun 2013
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,1693
0,2241
0,1585
0,1468
0,4903
0,2732
0,174
0,4176
0,1979
0,3164
0,5127
0,2231
0,2014
0,2239
0,162
0,1137
Variabel
DER
DPR
0,158
0,6613
0,6978
0,7243
0,4123
0,45
0,6861
0,4184
0,9073
0,8333
0,5799
0,298
1,0152
0,4504
0,3245
0,5053
0,6032
0,4979
1,0351
0,498
1,315
0,2579
0,7259
0,3556
0,3312
0,4497
0,3606
0,798
0,2392
0,4645
2,1373
0,9993
PBV
3,2
1,99
3,85
3,68
0,43
5,56
2,59
1,84
4,48
1,51
6,56
2,75
6,89
8,27
2,02
46,63
93
Universitas Sumatera Utara
Lampiran 7
Data Variabel Penelitian Tahun 2014
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,0856
0,1544
0,1144
0,161
0,0001
0,3269
0,103
0,1518
0,1713
0,1005
0,1757
0,1467
0,0981
0,0282
0,2642
0,9078
Variabel
DER
DPR
0,1654
0,9429
0,9632
0,3898
0,3725
0,4
0,6466
0,2866
0,8514
0,4545
0,9064
0,169
0,9616
0,4509
0,4187
0,5308
0,6563
0,4971
1,0845
0,4972
1,2319
0,0999
0,7521
0,2867
0,2656
0,4314
0,2942
0,8023
0,4439
0,4499
2,1053
0,4467
PBV
3,96
1,87
4,09
3,19
0,62
5,68
2,6
2,08
5,26
1,45
7,76
3,66
9,3
6,97
2,8
45,03
TABEL PERHITUNGAN t-TABEL
Derajat
Bebas
75
76
77
78
Tingkat
Signifikansi
0,05
0,05
0,05
0,05
T Tabel
1.99210
1.99167
1.99125
1.99085
94
Universitas Sumatera Utara
LAMPIRAN 8
HASIL PENGUJIAN EVIEWS
1.1 Statistika Deskriptif
PBV
TAG
Mean
6.237250
0.206936
Maximum
46.63000
0.907800
Minimum
0.430000
-0.025600
Std. Dev.
9.220500
0.152266
Observations
80
80
Sumber: Hasil Penelitian 2016 (data diolah)
DER
0.627129
2.137300
0.094300
0.434458
80
DPR
0.489826
1.514900
0.099900
0.236347
80
1.2 Uji Normalitas
14
Series: RESID
Sample 1 80
Observations 80
12
10
8
6
4
2
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
-0.425441
-0.518494
15.04947
-17.24108
5.723433
0.121808
3.741409
Jarque-Bera
Probability
2.030122
0.362380
0
-15
-10
-5
0
5
10
15
Sumber: Hasil Penelitian 2016 (data diolah)
1.3 Uji Multikolinieritas
TAG
DER
DPR
TAG
1.000000
0.269090
-0.268294
DER
0.269090
1.000000
0.134480
0.134480
1.000000
DPR
-0.268294
Sumber: Hasil Penelitian 2016 (data diolah)
95
Universitas Sumatera Utara
1.4 Uji Heterokedastisitas dengan Uji White
Heteroskedasticity Test: White
F-statistic
Obs*R-squared
Scaled explained SS
0.575904
5.515215
22.59648
Prob. F(9,70)
Prob. Chi-Square(9)
Prob. Chi-Square(9)
0.8124
0.7873
0.0072
Sumber: Hasil Penelitian 2016 (data diolah)
1.5 Uji Autokorelasi dengan Uji Durbin-Watson
Dependent Variable: PBV
Method: Least Squares
Date: 04/14/16 Time: 10:32
Sample: 1 80
Included observations: 80
F-statistic
Prob(F-statistic)
3.534316
0.006402
Durbin-Watson stat
1.913431
Sumber: Hasil Penelitian 2016 (data diolah)
2.1 Common Effect Model (CEM)
Dependent Variable: PBV?
Method: Pooled Least Squares
Date: 04/14/16 Time: 10:58
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Variable
TAG?
DER?
DPR?
Coefficient
Std. Error
t-Statistic
Prob.
3.152340
6.768253
7.278269
6.745937
2.603862
3.009717
0.467295
2.599313
2.418257
0.6416
0.0112
0.0180
R-squared
0.175233
Adjusted R-squared 0.153811
S.E. of regression
9.511634
Sum squared resid
6966.281
Log likelihood
-292.1875
Durbin-Watson stat 0.103802
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
7.731750
10.34002
7.379687
7.469013
7.415501
96
Universitas Sumatera Utara
2.2 Fix Effect Model (FEM)
Dependent Variable: PBV?
Method: Pooled Least Squares
Date: 04/14/16 Time: 11:01
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Variable
C
TAG?
DER?
DPR?
Fixed Effects
(Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
_6--C
_7--C
_8--C
_9--C
_10—C
_11—C
_12—C
_13—C
_14—C
_15—C
_16—C
Coefficient
Std. Error
t-Statistic
Prob.
4.328381
3.388093
2.541807
2.441278
0.861774
1.737802
0.872563
1.181455
5.022640
1.949643
2.913037
2.066331
0.0000
0.0558
0.0050
0.0431
-2.570402
-5.343735
-2.669489
-4.184424
-7.242097
-1.302564
-5.421830
-4.993956
-3.602446
-6.638852
-1.043479
-3.590205
0.291313
-0.627005
19.36680
29.57237
Effects Specification
Cross-section fixed (dummy variables)
R-squared
0.975841
Adjusted R-squared 0.968713
S.E. of regression
1.828966
Sum squared resid
204.0522
Log likelihood
-150.9691
F-statistic
136.8879
Prob(F-statistic)
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
7.731750
10.34002
4.249226
4.814958
4.476044
1.695520
97
Universitas Sumatera Utara
2.3 Uji Chow
Redundant Fixed Effects Tests
Pool: Untitled
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
130.842218
280.142077
d.f.
Prob.
(15,61)
15
0.0000
0.0000
Cross-section fixed effects test equation:
Dependent Variable: PBV?
Method: Panel Least Squares
Date: 04/14/16 Time: 11:02
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Variable
Coefficient
C
TAG?
DER?
DPR?
-4.999270
8.861849
8.078703
12.57351
R-squared
0.198556
Adjusted R-squared 0.166920
S.E. of regression
9.437671
Sum squared resid
6769.292
Log likelihood
-291.0401
F-statistic
6.276260
Prob(F-statistic)
0.000731
Std. Error
t-Statistic
3.361632 -1.487156
7.716361 1.148449
2.729750 2.959503
4.647180 2.705621
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
Prob.
0.1411
0.2544
0.0041
0.0084
7.731750
10.34002
7.376002
7.495104
7.423753
0.211097
Sumber: Hasil Penelitian 2016 (data diolah)
98
Universitas Sumatera Utara
2.4 Random Effect Model (REM)
Dependent Variable: PBV?
Method: Pooled EGLS (Cross-section random effects)
Date: 04/14/16 Time: 11:02
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
4.187618
3.419035
2.663270
2.568674
2.533236
1.735423
0.866935
1.178155
1.653070
1.970145
3.072052
2.180251
0.1024
0.0525
0.0029
0.0323
C
TAG?
DER?
DPR?
Random Effects
(Cross)
_1—C
_2—C
_3—C
_4—C
_5—C
_6—C
_7—C
_8—C
_9—C
_10--C
_11--C
_12--C
_13--C
_14--C
_15--C
_16--C
-2.500325
-5.298892
-2.620543
-4.151758
-7.208324
-1.266238
-5.425642
-4.943241
-3.564213
-6.623224
-1.033742
-3.549650
0.329607
-0.637818
19.27366
29.22035
Effects Specification
S.D.
Cross-section random
Idiosyncratic random
9.533100
1.828966
Rho
0.9645
0.0355
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
0.206512
0.175190
1.843786
Mean dependent var
S.D. dependent var
Sum squared resid
0.660955
2.030175
258.3655
99
Universitas Sumatera Utara
F-statistic
Prob(F-statistic)
6.593206
0.000509
Durbin-Watson stat
1.350085
Unweighted Statistics
R-squared
Sum squared resid
0.097622
7621.816
Mean dependent var
Durbin-Watson stat
7.731750
0.045765
Sumber: Hasil Penelitian 2016 (data diolah)
2.5 Uji Hausman
Correlated Random Effects - Hausman Test
Pool: Untitled
Test cross-section random effects
Chi-Sq.
Statistic Chi-Sq. d.f.
Test Summary
Cross-section random
4.236575
Prob.
3
0.2370
Random Var(Diff.)
Prob.
Cross-section random effects test comparisons:
Variable
Fixed
TAG?
DER?
DPR?
3.388093
2.541807
2.441278
3.419035
2.663270
2.568674
0.008264
0.009789
0.007787
0.7336
0.2196
0.1488
Cross-section random effects test equation:
Dependent Variable: PBV?
Method: Panel Least Squares
Date: 04/14/16 Time: 11:03
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Variable
C
TAG?
DER?
DPR?
Coefficient
Std. Error
t-Statistic
Prob.
4.328381
3.388093
2.541807
2.441278
0.861774
1.737802
0.872563
1.181455
5.022640
1.949643
2.913037
2.066331
0.0000
0.0558
0.0050
0.0431
100
Universitas Sumatera Utara
Effects Specification
Cross-section fixed (dummy variables)
R-squared
0.975841
Adjusted R-squared 0.968713
S.E. of regression
1.828966
Sum squared resid
204.0522
Log likelihood
-150.9691
F-statistic
136.8879
Prob(F-statistic)
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
7.731750
10.34002
4.249226
4.814958
4.476044
1.695520
Sumber: Hasil Penelitian 2016 (data diolah)
2.6 Nilai Statistik dari Uji F, Uji t, dan Koefisien Determinasi
Dependent Variable: PBV?
Method: Pooled EGLS (Cross-section random effects)
Date: 04/14/16 Time: 11:02
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
TAG?
DER?
DPR?
4.187618
3.419035
2.663270
2.568674
2.533236
1.735423
0.866935
1.178155
1.653070
1.970145
3.072052
2.180251
0.1024
0.0525
0.0029
0.0323
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.206512
0.175190
1.843786
6.593206
0.000509
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
0.660955
2.030175
258.3655
1.350085
Sumber:Hasil Penelitian 2016 (data diolah)
101
Universitas Sumatera Utara
86
Universitas Sumatera Utara
Lampiran 1
Daftar Populasi, Kriteria dan Sampel
NO
KODE
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
INTP
SMBR
SMCB
SMGR
AMFG
ARNA
IKAI
KIAS
MLIA
TOTO
ALKA
ALMI
BTON
CTBN
GDST
INAI
ISSP
ITMA
JKSW
JPRS
KRAS
LION
LMSH
MYRX
NIKL
PICO
TBMS
BRPT
BUDI
DPNS
EKAD
ETWA
INCI
SOBI
SRSN
TPIA
UNIC
NAMA PERUSAHAAN
Indocement Tunggal Prakasa Tbk
Semen Baturaja Persero Tbk
Holcim Indonesia Tbk
Semen Gresik Tbk
Asahimas Flat Glass Tbk
Arwana Citra Mulia Tbk
Inti Keramik Alam Asri Industri Tbk
Keramika Indonesia Assosiasi Tbk
Mulia Industrindo Tbk
Surya Toto Indonesia Tbk
Alaska Industrindo Tbk
Alumindo Light Metal Industry Tbk
Beton Jaya Manunggal Tbk
Citra Turbindo Tbk
Gunawan Dianjaya Steel Tbk
Indal Aluminium Industry Tbk
Steel Pipe Industry of Indonesia Tbk
Itamaraya Tbk
Jakarta Kyoei Steel Work LTD Tbk
Jaya Pari Steel Tbk
Krakatau Steel Tbk
Lion Metal Works Tbk
Lionmesh Prima Tbk
Hanson International Tbk
Pelat Timah Nusantara Tbk
Pelangi Indah Canindo Tbk
Tembaga Mulia Semanan Tbk
Barito Pasific Tbk
Budi Acid Jaya Tbk
Duta Pertiwi Nusantara
Ekadharma International Tbk
Eterindo Wahanatama Tbk
Intan Wijaya International Tbk
Sorini Agro Asia Corporindo Tbk
Indo Acitama Tbk
Chandra Asri Petrochemical Tbk
Unggul Indah Cahaya Tbk
KRITERIA
1
2
3
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×
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×
×
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×
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×
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×
×
√
×
×
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√
×
√
×
×
√
×
×
√
√
×
√
√
×
√
×
×
√
√
×
√
√
×
√
√
×
SAMPEL
Sampel 1
Sampel 2
Sampel 3
Sampel 4
-
87
Universitas Sumatera Utara
NO
KODE
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
AKKU
AKPI
APLI
BRNA
FPNI
IGAR
IPOL
SIAP
SIMA
TRST
YPAS
CPIN
JPFA
MAIN
SIPD
SULI
TIRT
ALDO
FASW
INKP
INRU
KBRI
SPMA
TKIM
KRAH
ASII
AUTO
BRAM
GDYR
GJTL
IMAS
INDS
LPIN
MASA
NIPS
PRAS
SMSM
ADMG
ARGO
NAMA PERUSAHAAN
Alam Karya Unggul Tbk
Argha Karya Prima Industry Tbk
Asiaplast Industries Tbk
Berlina Tbk
Titan Kimia Nusantara Tbk
Champion Pasific Indonesia Tbk
Indopoly Swakarsa Industry Tbk
Sekawan Intipratama Tbk
Siwani Makmur Tbk
Trias Sentosa Tbk
Yana Prima Hasta Persada Tbk
Charoen Pokphand Indonesia Tbk
Japfa Comfeed Indonesia Tbk
Malindo Feedmill Tbk
Siearad Produce Tbk
Sumalindo Lestari Jaya Tbk
Tirta Mahakam Resources Tbk
Alkindo Naratama Tbk
Fajar Surya Wisesa Tbk
Indah Kiat Pulp & paper Tbk
Toba Pulp Lestari Tbk
Kertas Basuki Rachmat Indonesia Tbk
Suparma Tbk
Pabrik Kertas Tjiwi Kimia Tbk
Grand Kartech Tbk
Astra International Tbk
Astra Auto Part Tbk
Indo Kordsa Tbk
Goodyear Indonesia Tbk
Gajah Tunggal Tbk
Indomobil Sukses International Tbk
Indospring Tbk
Multi Prima Sejahtera Tbk
Multistrada Arah Sarana Tbk
Nippres Tbk
Prima alloy steel Universal Tbk
Selamat Sempurna Tbk
Polychem Indonesia Tbk
Argo Pantes Tbk
KRITERIA
1
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3
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×
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×
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×
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√
×
√
×
×
SAMPEL
Sampel 5
Sampel 6
Sampel 7
Sampel 8
-
88
Universitas Sumatera Utara
NO
KODE
NAMA PERUSAHAAN
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
CNTX
ERTX
ESTI
HDTX
INDR
KARW
MYTX
PBRX
POLY
RICY
SRIL
SSTM
TRIS
UNIT
UNTX
BIMA
IKBI
JECC
KBLI
KBLM
97
SCCO
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
VOKS
PTSN
ADES
AISA
CEKA
DAVO
DLTA
ICBP
INDF
MLBI
MYOR
PSDN
ROTI
SKLT
STTP
113
ULTJ
Centex Tbk
Eratex Djaya Tbk
Ever Shine Textile Industry Tbk
Pan Asia Indosyntec Tbk
Indo Rama Synthetic Tbk
Karwell Indonesia Tbk
Apac Citra Centertex Tbk
Pan Brothers Tbk
Asia Pasific Fibers Tbk
Ricky Putra Globalindo Tbk
Sri Rejeki Isman Tbk
Sunson Textile Manufacturer Tbk
Trisula International Tbk
Nusantara Inti Corpora Tbk
Unitex Tbk
Primarindo Asia Infrastructure Tbk
Sumi Indo Kabel Tbk
Jembo Cable Company Tbk
KMI Wire and Cable Tbk
Kabelindo Murni Tbk
Supreme
Cable
Manufacturing
and
Commerce Tbk
Voksel Electric Tbk
Sat Nusa Persada Tbk
Akasha Wira International Tbk
Tiga Pilar Sejahtera Food Tbk
Cahaya Kalbar Tbk
Davomas Abadi Tbk
Delta Djakarta Tbk
Indofood CBP Sukses Makmur Tbk
Indofood Sukses Makmur Tbk
Multi Bintang Indonesia Tbk
Mayora Indah Tbk
Prashida Aneka Niaga Tbk
Nippon Indosari Corporindo Tbk
Sekar Laut Tbk
Siantar Top Tbk
Ultrajaya Milk Industry and Trading
Company Tbk
KRITERIA
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3
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×
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×
SAMPEL
-
√
√
×
-
√
√
√
√
√
√
√
√
√
√
√
√
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√
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×
√
×
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×
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×
×
×
×
×
×
×
×
√
√
×
×
×
√
×
×
Sampel 9
Sampel 10
Sampel 11
-
√
√
×
-
89
Universitas Sumatera Utara
NO
KODE
NAMA PERUSAHAAN
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
GGRM
HMSP
RMBA
WIIM
DVLA
INAF
KAEF
KLBF
MERK
PYFA
SCPI
SIDO
SQBB
TSPC
MBTO
MRAT
TCID
UNVR
KDSI
KICI
LMPI
Gudang Garam Tbk
Hanjaya Mandala Sampoerna Tbk
Bentoel International Investama Tbk
Wismilak Inti Makmur Tbk
Darya Varia Laboratoria Tbk
Indofarma Tbk
Kimia Farma Tbk
Kalbe Farma Tbk
Merck Indonesia Tbk
Pyridam Farma Tbk
Merck Sharp Dohme Pharma Tbk
Industri Jamu dan Farmasi Sido Muncul Tbk
Taisho Pharmaceutical Indonesia Tbk
Tempo Scan Pasific Tbk
Martina Berto Tbk
Mustika Ratu Tbk
Mandom Indonesia Tbk
Unilever Indonesia Tbk
Kedawung Setia Industrial Tbk
Kedaung Indag Can Tbk
Langgeng Makmur Industry Tbk
KRITERIA
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×
√
×
×
√
×
×
√
×
×
√
√
×
√
√
×
√
×
×
√
√
√
√
√
√
√
√
×
√
√
×
√
√
×
SAMPEL
Sampel 12
Sampel 13
Sampel 14
Sampel 15
Sampel 16
-
90
Universitas Sumatera Utara
Lampiran 2
Daftar Sampel Penelitian
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Kode Perusahaan
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
Nama Perusahaan
Indocement Tunggal Prakasa Tbk
Holcim Indonesia Tbk
Semen Gresik Tbk
Surya Toto Indonesia Tbk
Trias Sentosa Tbk
Charoen Pokphand Indonesia Tbk
Astra International Tbk
Astra Auto Part Tbk
Indofood CBP Sukses Makmur Tbk
Indofood Sukses Makmur Tbk
Nippon Indosari Corporindo Tbk
Gudang Garam Tbk
Kalbe Farma Tbk
Merck Indonesia Tbk
Mandom Indonesia Tbk
Unilever Indonesia Tbk
91
Universitas Sumatera Utara
Lampiran 3
Data Variabel Penelitian Tahun 2010
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,1559
0,4366
0,2017
0,0798
0,023
0,2185
0,269
0,2027
0,3069
0,1393
0,6378
0,1289
0,0848
0,0018
0,0529
0,1625
Variabel
DER
DPR
0,1714
0,2568
0,5293
0,213
0,2905
0,5
0,73
0,3251
0,637
0,2041
0,4567
0,2948
0,923
0,451
0,384
0,7968
0,4272
0,3372
0,8997
0,3941
0,2477
0,2324
0,4419
0,4084
0,2184
0,2577
0,1976
1,5149
0,0943
0,5161
1,1491
0,8986
PBV
4,89
2,53
4,62
3,06
0,61
6,77
3,76
3,57
2,91
2,55
5,89
3,44
6,14
5,95
1,48
31,12
Lampiran 4
Data Variabel Penelitian Tahun 2011
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,1828
0,0492
0,2634
0,2272
0,0574
0,3541
0,3603
0,2468
0,1393
0,1335
0,3359
0,2715
0,1766
-0,0256
0,0799
0,2047
Variabel
DER
DPR
0,1536
0,2999
0,4548
0,3309
0,3453
0,5
0,7613
0,4542
0,6027
0,2885
0,4296
0,2924
1,0243
0,4507
0,4746
0,4023
0,4349
0,4989
0,6952
0,4993
0,3892
0,2489
0,5921
0,3931
0,2699
0,6509
0,1823
0,8014
0,1082
0,5316
1,8477
1,0006
PBV
4,26
2,21
4,65
3,26
0,83
5,7
3,95
2,78
2,83
1,28
6,16
4,86
5,3
6,02
1,52
38,96
92
Universitas Sumatera Utara
Lampiran 5
Data Variabel Penelitian Tahun 2012
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,2536
0,1112
0,3518
0,1367
0,0261
0,3956
0,1873
0,2753
0,1662
0,1071
0,5872
0,0619
0,1382
0,3441
0,1155
0,1434
Variabel
DER
DPR
0,1718
0,348
0,4455
0,454
0,4632
0,45
0,6953
0,4199
0,6173
0,9091
0,5103
0,281
1,0295
0,4503
0,6192
0,2953
0,4869
0,4973
0,7375
0,4981
0,8076
0,2502
0,5602
0,3835
0,2776
0,6677
0,3664
0,7418
0,1502
0,4981
2,0201
0,9996
PBV
3,2
2,64
5,18
3,67
0,72
7,32
3,43
2,61
3,79
1,5
10,48
4,07
7,3
8,17
2,02
40,09
Lampiran 6
Data Variabel Penelitian Tahun 2013
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,1693
0,2241
0,1585
0,1468
0,4903
0,2732
0,174
0,4176
0,1979
0,3164
0,5127
0,2231
0,2014
0,2239
0,162
0,1137
Variabel
DER
DPR
0,158
0,6613
0,6978
0,7243
0,4123
0,45
0,6861
0,4184
0,9073
0,8333
0,5799
0,298
1,0152
0,4504
0,3245
0,5053
0,6032
0,4979
1,0351
0,498
1,315
0,2579
0,7259
0,3556
0,3312
0,4497
0,3606
0,798
0,2392
0,4645
2,1373
0,9993
PBV
3,2
1,99
3,85
3,68
0,43
5,56
2,59
1,84
4,48
1,51
6,56
2,75
6,89
8,27
2,02
46,63
93
Universitas Sumatera Utara
Lampiran 7
Data Variabel Penelitian Tahun 2014
NO
Kode Perusahaan
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
INTP
SMCB
SMGR
TOTO
TRST
CPIN
ASII
AUTO
ICBP
INDF
ROTI
GGRM
KLBF
MERK
TCID
UNVR
TAG
0,0856
0,1544
0,1144
0,161
0,0001
0,3269
0,103
0,1518
0,1713
0,1005
0,1757
0,1467
0,0981
0,0282
0,2642
0,9078
Variabel
DER
DPR
0,1654
0,9429
0,9632
0,3898
0,3725
0,4
0,6466
0,2866
0,8514
0,4545
0,9064
0,169
0,9616
0,4509
0,4187
0,5308
0,6563
0,4971
1,0845
0,4972
1,2319
0,0999
0,7521
0,2867
0,2656
0,4314
0,2942
0,8023
0,4439
0,4499
2,1053
0,4467
PBV
3,96
1,87
4,09
3,19
0,62
5,68
2,6
2,08
5,26
1,45
7,76
3,66
9,3
6,97
2,8
45,03
TABEL PERHITUNGAN t-TABEL
Derajat
Bebas
75
76
77
78
Tingkat
Signifikansi
0,05
0,05
0,05
0,05
T Tabel
1.99210
1.99167
1.99125
1.99085
94
Universitas Sumatera Utara
LAMPIRAN 8
HASIL PENGUJIAN EVIEWS
1.1 Statistika Deskriptif
PBV
TAG
Mean
6.237250
0.206936
Maximum
46.63000
0.907800
Minimum
0.430000
-0.025600
Std. Dev.
9.220500
0.152266
Observations
80
80
Sumber: Hasil Penelitian 2016 (data diolah)
DER
0.627129
2.137300
0.094300
0.434458
80
DPR
0.489826
1.514900
0.099900
0.236347
80
1.2 Uji Normalitas
14
Series: RESID
Sample 1 80
Observations 80
12
10
8
6
4
2
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
-0.425441
-0.518494
15.04947
-17.24108
5.723433
0.121808
3.741409
Jarque-Bera
Probability
2.030122
0.362380
0
-15
-10
-5
0
5
10
15
Sumber: Hasil Penelitian 2016 (data diolah)
1.3 Uji Multikolinieritas
TAG
DER
DPR
TAG
1.000000
0.269090
-0.268294
DER
0.269090
1.000000
0.134480
0.134480
1.000000
DPR
-0.268294
Sumber: Hasil Penelitian 2016 (data diolah)
95
Universitas Sumatera Utara
1.4 Uji Heterokedastisitas dengan Uji White
Heteroskedasticity Test: White
F-statistic
Obs*R-squared
Scaled explained SS
0.575904
5.515215
22.59648
Prob. F(9,70)
Prob. Chi-Square(9)
Prob. Chi-Square(9)
0.8124
0.7873
0.0072
Sumber: Hasil Penelitian 2016 (data diolah)
1.5 Uji Autokorelasi dengan Uji Durbin-Watson
Dependent Variable: PBV
Method: Least Squares
Date: 04/14/16 Time: 10:32
Sample: 1 80
Included observations: 80
F-statistic
Prob(F-statistic)
3.534316
0.006402
Durbin-Watson stat
1.913431
Sumber: Hasil Penelitian 2016 (data diolah)
2.1 Common Effect Model (CEM)
Dependent Variable: PBV?
Method: Pooled Least Squares
Date: 04/14/16 Time: 10:58
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Variable
TAG?
DER?
DPR?
Coefficient
Std. Error
t-Statistic
Prob.
3.152340
6.768253
7.278269
6.745937
2.603862
3.009717
0.467295
2.599313
2.418257
0.6416
0.0112
0.0180
R-squared
0.175233
Adjusted R-squared 0.153811
S.E. of regression
9.511634
Sum squared resid
6966.281
Log likelihood
-292.1875
Durbin-Watson stat 0.103802
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
7.731750
10.34002
7.379687
7.469013
7.415501
96
Universitas Sumatera Utara
2.2 Fix Effect Model (FEM)
Dependent Variable: PBV?
Method: Pooled Least Squares
Date: 04/14/16 Time: 11:01
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Variable
C
TAG?
DER?
DPR?
Fixed Effects
(Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
_6--C
_7--C
_8--C
_9--C
_10—C
_11—C
_12—C
_13—C
_14—C
_15—C
_16—C
Coefficient
Std. Error
t-Statistic
Prob.
4.328381
3.388093
2.541807
2.441278
0.861774
1.737802
0.872563
1.181455
5.022640
1.949643
2.913037
2.066331
0.0000
0.0558
0.0050
0.0431
-2.570402
-5.343735
-2.669489
-4.184424
-7.242097
-1.302564
-5.421830
-4.993956
-3.602446
-6.638852
-1.043479
-3.590205
0.291313
-0.627005
19.36680
29.57237
Effects Specification
Cross-section fixed (dummy variables)
R-squared
0.975841
Adjusted R-squared 0.968713
S.E. of regression
1.828966
Sum squared resid
204.0522
Log likelihood
-150.9691
F-statistic
136.8879
Prob(F-statistic)
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
7.731750
10.34002
4.249226
4.814958
4.476044
1.695520
97
Universitas Sumatera Utara
2.3 Uji Chow
Redundant Fixed Effects Tests
Pool: Untitled
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
130.842218
280.142077
d.f.
Prob.
(15,61)
15
0.0000
0.0000
Cross-section fixed effects test equation:
Dependent Variable: PBV?
Method: Panel Least Squares
Date: 04/14/16 Time: 11:02
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Variable
Coefficient
C
TAG?
DER?
DPR?
-4.999270
8.861849
8.078703
12.57351
R-squared
0.198556
Adjusted R-squared 0.166920
S.E. of regression
9.437671
Sum squared resid
6769.292
Log likelihood
-291.0401
F-statistic
6.276260
Prob(F-statistic)
0.000731
Std. Error
t-Statistic
3.361632 -1.487156
7.716361 1.148449
2.729750 2.959503
4.647180 2.705621
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
Prob.
0.1411
0.2544
0.0041
0.0084
7.731750
10.34002
7.376002
7.495104
7.423753
0.211097
Sumber: Hasil Penelitian 2016 (data diolah)
98
Universitas Sumatera Utara
2.4 Random Effect Model (REM)
Dependent Variable: PBV?
Method: Pooled EGLS (Cross-section random effects)
Date: 04/14/16 Time: 11:02
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
4.187618
3.419035
2.663270
2.568674
2.533236
1.735423
0.866935
1.178155
1.653070
1.970145
3.072052
2.180251
0.1024
0.0525
0.0029
0.0323
C
TAG?
DER?
DPR?
Random Effects
(Cross)
_1—C
_2—C
_3—C
_4—C
_5—C
_6—C
_7—C
_8—C
_9—C
_10--C
_11--C
_12--C
_13--C
_14--C
_15--C
_16--C
-2.500325
-5.298892
-2.620543
-4.151758
-7.208324
-1.266238
-5.425642
-4.943241
-3.564213
-6.623224
-1.033742
-3.549650
0.329607
-0.637818
19.27366
29.22035
Effects Specification
S.D.
Cross-section random
Idiosyncratic random
9.533100
1.828966
Rho
0.9645
0.0355
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
0.206512
0.175190
1.843786
Mean dependent var
S.D. dependent var
Sum squared resid
0.660955
2.030175
258.3655
99
Universitas Sumatera Utara
F-statistic
Prob(F-statistic)
6.593206
0.000509
Durbin-Watson stat
1.350085
Unweighted Statistics
R-squared
Sum squared resid
0.097622
7621.816
Mean dependent var
Durbin-Watson stat
7.731750
0.045765
Sumber: Hasil Penelitian 2016 (data diolah)
2.5 Uji Hausman
Correlated Random Effects - Hausman Test
Pool: Untitled
Test cross-section random effects
Chi-Sq.
Statistic Chi-Sq. d.f.
Test Summary
Cross-section random
4.236575
Prob.
3
0.2370
Random Var(Diff.)
Prob.
Cross-section random effects test comparisons:
Variable
Fixed
TAG?
DER?
DPR?
3.388093
2.541807
2.441278
3.419035
2.663270
2.568674
0.008264
0.009789
0.007787
0.7336
0.2196
0.1488
Cross-section random effects test equation:
Dependent Variable: PBV?
Method: Panel Least Squares
Date: 04/14/16 Time: 11:03
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Variable
C
TAG?
DER?
DPR?
Coefficient
Std. Error
t-Statistic
Prob.
4.328381
3.388093
2.541807
2.441278
0.861774
1.737802
0.872563
1.181455
5.022640
1.949643
2.913037
2.066331
0.0000
0.0558
0.0050
0.0431
100
Universitas Sumatera Utara
Effects Specification
Cross-section fixed (dummy variables)
R-squared
0.975841
Adjusted R-squared 0.968713
S.E. of regression
1.828966
Sum squared resid
204.0522
Log likelihood
-150.9691
F-statistic
136.8879
Prob(F-statistic)
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
7.731750
10.34002
4.249226
4.814958
4.476044
1.695520
Sumber: Hasil Penelitian 2016 (data diolah)
2.6 Nilai Statistik dari Uji F, Uji t, dan Koefisien Determinasi
Dependent Variable: PBV?
Method: Pooled EGLS (Cross-section random effects)
Date: 04/14/16 Time: 11:02
Sample: 2010 2014
Included observations: 5
Cross-sections included: 16
Total pool (balanced) observations: 80
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
TAG?
DER?
DPR?
4.187618
3.419035
2.663270
2.568674
2.533236
1.735423
0.866935
1.178155
1.653070
1.970145
3.072052
2.180251
0.1024
0.0525
0.0029
0.0323
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.206512
0.175190
1.843786
6.593206
0.000509
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
0.660955
2.030175
258.3655
1.350085
Sumber:Hasil Penelitian 2016 (data diolah)
101
Universitas Sumatera Utara